The global trike market to grow at a CAGR of 13.22% during the period 2016-2020.
The traditional two-wheeled motorcycle dominates the market because these machines are engineered with tested and proven mechanisms and offer significant mileage. Another type of vehicle is the trike. This vehicle was introduced during the last decade, but mostly focused on three-wheeled counterparts to motorized trikes. However, motorcycle trikes and scooter trikes remain in the nascent stage. Motorcycle trikes may gain traction during the forecast period.
A trend which will boost market growth is the rising backward (reverse) concept in trikes. The trike market is at a nascent stage but market is witnessing fast development in the form of design, features, and performance. Delta trikes were developed first, which were an extension of traditional motorcycles with two rear wheels. These trikes were more stable than traditional motorcycles and fulfilled customer requirements.
But the need for high acceleration and high-performance trikes created problems for this type particularly when sudden braking or turning takes place. Delta trikes push weight of the rider outside, which can be hazardous while turning or sudden braking. The reverse trikes concept is used by OEMs like Polaris Slingshot, Can-Am Spyder, and Campagna Motors for their versions of trikes.
According to the report, a key growth driver is the rising numbers of baby boomers and women riders expanding market demand. Trikes were developed to allow aged people to continue their passion for riding. The senior demographic is the ideal customer for the trike market and their custom plays an important role in the trike market. Additionally, the trike market is witnessing rising adoption from women riders.
Further, the report states that one challenge that could restrict market growth is the higher initial price compared to traditional motorcycles.